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US markets (S&P 500 Index + 0.7%) closed higher on Thursday despite a Q&A session with Jerome Powell at the Cato Institute, where he reiterated that the Federal Reserve is not considering a change to the pace at which it will hike interest rates. With no change on the macro front, company specific news caused the biggest market moves. Rivian (+10.9%) shares surged after the company announced a partnership with Mercedes to build electric commercial vans in Europe. The leaking of a ‘turnaround plan’ memo from Snap (+9.3%) CEO Evan Spiegel helped the company post an almost double-digit gain.

US markets (S&P 500 Index +1.8%) have broken their 7-day losing streak, with every sector except energy (-1.2%) closing the session in the green. Utilities and Consumer Discretionary stocks led the pack, both rising 3.0% on the day. Oil stocks within the energy sector index were rocked by the fall in price of WTI Crude oil (-5.8%) over the past 24 hours. European markets (Stoxx 600 Index, -0.4%) fell on Wednesday, following declines in commodity stocks after data from China added to worries about a global economic slowdown. Shares in Ubisoft (UBI:EPA) tumbled 17.2% after investors lost faith that China’s Tencent (0700.HK) would conduct a full buyout of the company.

US markets (S&P 500 Index –0.4%) whipped between gains and losses but eventually closed lower in the first post-Labour Day session. The NASDAQ Index fell -0.7% marking its 7th daily decline in a row, on the back of ‘good’ economic news which translates badly for market sentiment at the moment. US services sector data came in stronger than expected for the month of August, implying the US economy is still in a strong position despite recent interest rate hikes, giving the Fed more room to hike rates further. Adding to the pessimism in stocks is the surge in bond yields. The yield on the 2-year U.S. Treasury jumped to a fresh daily high of 3.515% on Tuesday, almost touching the highs that occurred in 2007.

US markets (S&P 500 Index 0.0%) were closed on Monday in observance of Labor Day. However, US Futures (S&P 500 Index Futures +0.3%) are currently trading slightly higher in anticipation of Tuesday’s opening. European stocks weaker as energy crisis continues to dominate headlines (Stoxx 600 Index -0.6%) as euro gas futures jumped +15% while the Euro fell through 0.99 versus the US dollar for first time in 20 years. Russia’s Gazprom announced that they would be indefinitely halting gas flows to Europe via the Nord Stream 1. Putin’s spokesperson said there would be no resumption in gas supply until sanctions are lifted. The loss that was incurred in the Stoxx 600 could have been worse if not for the gains made in energy sector stocks (STOXX 600 Energy +2.2%). 

US markets (S&P 500 Index -1.1%) fell on Friday, ending the week down -3.3% and marking its third weekly decline as a robust job report confirmed the recent market fears that the Fed would keep aggressively hiking interest rates. The ‘goldilocks’ nonfarm payrolls report showed some moderation in wage pressure and a surprise increase in the unemployment rate – August saw 315,000 new jobs created, a touch below 318,000 expected by the market. This saw the market increase the probability the Fed would raise its base interest rate by +75 basis points at its next meeting later this month. All sectors sold off for the day, except for energy. Tech shares were heavily hit again with the NASDAQ Index down -1.4% suffering its 6th consecutive daily loss.

US markets (S&P 500 Index +0.3%) rose in the final hours of trade overnight., recovering from a loss and snapping up a four-day losing streak. Energy and tech shares were the only sectors in the red, with the NASDAQ Index down -0.3% logging its first 5-day losing streak since February. Chip maker Nvidia fell -7.7% after the US government announced it would need special government licenses to sell two of its advanced semiconductors to Chinese customers. European markets (Stoxx 600 Index, -1.8%) fell extending losses, with all sectors in the red, Travel and Leisure stocks leading the decline.

US markets (S&P 500 Index -0.8%) fell for the fourth straight day on the last day of August. Wall Street markets moved approximately 4.0% lower over August, after scrubbing gains made in the first half of the month.  Markets are now under no illusion that the US Federal Reserve will not waiver in its commitment to raising rates at its current pace. The Feds sentiment seemingly holds regardless of whether the US is entering an official recession or not.  Technology stocks bucked the overall trend and helped the markets from registering an even larger loss. Meta booked a 3.7% gain, but was beat by two Chinese-based companies, Pinduoduo and Baidu, climbing 7.2% and 4.6%, respectively.

US markets (S&P 500 Index -1.1%) fell for a third-day in a row as ‘good’ jobs data translated into bad news for stocks – as it gives the Fed added capacity to raise interest rates higher to combat inflation. US Jobs opening data showed 11.2m available vacancies, 800k stronger than expected, while US consumer confidence came in stronger than expected. Markets will also be watching key non-farm payrolls employment data out on Friday, with a strong print meaning more room for the Fed to lift rates and keep them higher for longer. All sectors ended in the session in the red, with energy being hardest hit as the price of oil slipped. European markets (Stoxx 600 Index, -0.7%) closed lower, erasing earlier gains, on deep recession fears induced by a spike in energy prices, coupled with a hawkish outlook from the ECB. Inflation data in Germany was high reaching a 40-year peak, in line with expectations rising +8.8% year on year.

US markets (S&P 500 Index -0.7%) started the week with a negative tone, as investors brace for a more hawkish Fed policy following Friday’s comments. Treasury yields continue to climb with the 2-year rate accelerating to 3.48%, reaching its highest level since 2007, well ahead of the 10-year US interest rate which rose to 3.11%. Most sectors traded lower, with tech and real estate stocks leading losses, while energy and utilities were the only two sectors in the green.